Finance Minister, Nirmala Sitharaman said that the deadline for the financial income tax returns for the year 2018-19 is shifted to June 30.
The previous deadline was March 31. Now it has been extended to June due to the outbreak of COVID-19.
She added that the interest rate for delayed payment has also been reduced from 12 % to 9%, while interests for delayed deposit of TDS have been reduced to 9% from 18%.
1) Income Tax
- A) Financial year 18-19 – Income tax return 30/06/2020
- B) delayed payment Interest rate -12% to 9% (F.Y.18-19)
- C) TDS – no extension but interest reduce by 18% to 9% – till 30/06/2020
- D) Notice, furnishing return, reports Demand and any compliance, including investments, Capital gain – due date extended to 30/06/2020
- E) Adhar pan linking – date extended 30/06/2020
- F) Vivad se Vishwas – extended 30/06/2020 ( No 10% additional charge)
- A) March, April and May 2020 returns 3B, GSRT 1 and Composition return – last date is last week of june in a staggered manner
- B) Co less than 5cr turnover – No interest no late fees charge.
- C) Co more than 5cr – No late fee and penalty only interest – 9% charge
- D) Date opting Composition is -30/06/2020.
3) Customs & Excise –
- A) Sab ka Vishwas scheme – New due date – 30/06/2020 (No interest levied)
- B) Customs clearance – 24 x 7 time for clearance
- A) Delay for filing fees – No delay filing fees will be charged till 30/06/2020
- B) Board meeting – 60 days extension (Next 2 quarter)
- C) Company Orders 2020 – Supposed to be 19-20 shifted to F.Y. 20-21
- D) F.Y. 2019-20 Independent Director – Not hold any meeting – No any penalty or violation.
7) Bank Related –
- A) No charges on no- maintenance of minimum bank balance
- B) No charges on cash withdrawal from ATM via debit card of any bank for 3 months
As per announcements made by Finance Minister via video conferencing.